Oligarchs

Abstract

In several countries economic transition was accompanied by the emergence of ‘oligarchs’ – businessmen who amassed fortunes and used them to influence economic policies. At their height in 2003, a few oligarchs controlled much of Russia’s economy, as did a similar elite in Ukraine. Oligarchs seem to run their empires more efficiently than other domestic owners. While the relative weight of their firms in the economy is huge, it is not excessive by the standards of the global economy where most of them are operating. Policymakers should therefore focus on ‘political antitrust’ to prevent state capture and subversion of institutions.